out of the way. it's laissez-faire capitalism. but china is a communist country but it's also a capital country, just a different definition of capitalism, and singapore, where there's a strong collaboration between the government and the market, you have a different form of capitalism. places like brazil and india where there's a big social agenda, you have a different form. anyone europe, southern europe, northern europe, different forms, but in northern europe, the informed capitalism, where the government believes in strong social safety net, believes in paying for health care, believes in playing a role in determining what businesses grow or fail, and they're creating more jobs than we are. so we have to be careful when we, as we sometimes do in the united states, get up on our high horse and say we understand capitalism. actually what's going on in the world is a competition between different versions, and if our version produces more inequality, produces less growth, it's -- is seen as less fair and others are seep as more fair and producing growth, who do you think is

30 million people out of poverty. when china joined they brought about 300 million people out poverty. that's been a big story. chinese savings in the world financial market were a part what drove the most recent about new welt wealth in the world. as brilliant a man as allen green span was unable to grasp the reality of our historical moment. it was in part due to that failure that somatic errorrers were made that lead to the meltdown in-housing crisis. in inadequate response, policy to what was really a change in financial market due to growth elsewhere in the world. in the next twenty to thirty years, 3 billion people are joining the global economy. it's going to be a transformation ten times what we have seen which was ten times what happened in japan. now if 3 billion people are suddenly given cognitive freedom, suddenly not thinking just moment to moment, day-to-day, in a existence but are creators, are collaborators, are new contributors, human beings are not just consumers. they are producers. and that's what this is about. it's the possibility that are created when that happe

and where is china all of this? >> so there are several different pieces. one of them going back to the economy, we used to have much higher practices than we do now. how were we able to have full employment on that? we did not have the system of the budget deficits what makes it so much harder and just to sort of duty had enough, it is the persistence of trade deficit least not have one and now we do and that is a big drag on the economy. which hasn't been better actually the trade deficit is actually significantly down but not all. we have had some that have become more competitive that is the front on which we need to work. the political debate hasn't kept up with the reality it's no longer the quarter of that anymore. it's the broadest of countries some that need to be worked on and the next president isn't just china bashing but what do we need to do have a world that is everybody trying to run a trade surplus which the government believes it is possible. [laughter] >> then there is this issue of trade and income inequality. and there's a similar level that presumably had re

around the world, china is a huge creditor. we owe them over a trillion, we'll japan over a trillion. governments are holding on to this debt. you know, there is a story. i forget where it was run that mentioned from the peak of the housing double until now they said the average american household net worth was down about 40%. it's actually down a lot more than that when you factor in each share of the debt that has been accumulated in their name by the federal government. so americans are basically already broke. that's why we have to just admit that we are insolvent because the american families cannot repay the money that's been borrowed in their name. so we admit that we are insolvent. greece imposed a hair cut at 50% of the bondholders. we tell people that have one-year treasury bills we can't pay you back in a year. you have to extend the maturity beebee ten years. america has to tell people who are collecting social security right now or who are expecting to collect it they aren't going to get as much money as they were promised. we have to cut the pensions of the retired amid

's not been in a place like pakistan or in egypt. i didn't get to china or anything. it's a totally different story. ting gets to the point. philadelphia, -- philip auerswald what do you teach? >> i teach economics and social entrepreneurship. i'm a believer in the entrepreneurship as a transformative force in society. it is, of course, thinking about how to address public challenges in an entrepreneur manner. potentially in new life pathway to make the most of that. .. there are many people who work on this topic who have helped move forward on the agenda but louise is one of the man deserves a lot of credit. >> we have been talking with philip auerswald, "the coming prosperity," how entrepreneurs are transforming the global economy. his most recent book. booktv of location at george mason university. >> tell us what you think of our programming this weekend. you can freeze us at booktv, comment on our facebook call or send us an e-mail, booktv, nonfiction books every weekend on c-span2. >> at the end of world war ii we had twelve million men under arms. we have 2,000 flag officers and gener

in china, right clicks and they are creating it. most of the technologies done in china. here's a driver, here's a mick jagger. you know, that's what it's like. so we built the best headphones in the world. took us two years to make one and the money market or culture that we build and control. >> do you think that would've been possible in an earlier media era? >> welcome e-mail come it took been scared to death to be motivated to do this, right? stars look at the record industry in spain for two myers house and there is people all the time. i'm not the record guys that gets invaded. i went there and somebody say gee, you know, it was 2002 and i'm really sorry about your business. flick were talking about my grandfather dying. if it meant, that doesn't work for me. i used to be in the coal business. how did i end up in the same? i said i'm going to do something else that caught doug morris said you know what, if they're not going to pay for right now to buy her music, maybe i can figure a way to charge them to listen to it. and that's how the headphones started. [applause] >> icu applau

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